<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>This study investigates, for the first time, the impact of the war on the information security of the EU’s banking industry. This domain is critical, as i) a significant cyber incident may lead to the financial and political instability of the Member States, and ii) the efficiency of the financial sanctions adopted by the EU depends on the appropriate operation of the EU’s banking systems. Qualitative methods were used in the study; relevant literature and publicly available sector specific data were analysed, and senior information security experts from Hungarian and Slovakian banks were interviewed. The results underpin the fact that banks in the EU are facing an exceptionally high level of cyber risk; the paper attempts to provide actions responding to these risks to keep the banking industry secure.</p>
</abstract>

This study investigates, for the first time, the impact of the war on the information security of the EU’s banking industry. This domain is critical, as i) a significant cyber incident may lead to the financial and political instability of the Member States, and ii) the efficiency of the financial sanctions adopted by the EU depends on the appropriate operation of the EU’s banking systems. Qualitative methods were used in the study; relevant literature and publicly available sector specific data were analysed, and senior information security experts from Hungarian and Slovakian banks were interviewed. The results underpin the fact that banks in the EU are facing an exceptionally high level of cyber risk; the paper attempts to provide actions responding to these risks to keep the banking industry secure.

The Impact of the War in Ukraine on the Information Security of the European Union’s Banking Industry – A Case Study of Hungary And Slovakia

CONTEMPORARY MILITARY CHALLENGES

This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

This study investigates, for the first time, the impact of the war on the information security of the EU’s banking industry. This domain is critical, as i) a...

The Impact of the War in Ukraine on the Information Security of the European Union’s Banking Industry – A Case Study of Hungary And Slovakia

Published Online: Dec 25, 2023

Page range: 23 - 32

DOI: https://doi.org/10.2478/cmc-2023-0020

Keywords
Ukraine, Russia, information security, European Union, banking industry

© 2023 Tamás Somogyi et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

The Impact of the War in Ukraine on the Information Security of the European Union’s Banking Industry – A Case Study of Hungary And Slovakia

Published Online: Dec 25, 2023

Page range: 23 - 32

DOI: https://doi.org/10.2478/cmc-2023-0020

KeywordsUkraine, Russia, information security, European Union, banking industry

© 2023 Tamás Somogyi et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Keywords
Ukraine, Russia, information security, European Union, banking industry